THE HIDE MARKET

Dominion, Volume 29, Issue 101, 23 January 1936, Page 12

THE HIDE MARKET

Slightly Better Feeling

Discussing the London hide market on December 15, W. Weddel and Co., Ltd., remark:—■

• The sliglit'.v better feeling which crept into the marliet a week ago has developed and enabled packers to secure a rise of two pesos on the value of sound Argentine Frigorifico ox hides, which now sin ml at 80 pesos, equal to about 6 3-16d.-6{d. a lb., c.i.f.", shipping weights. Quite a fair business is going on from day to day, but the North American buyers are taking the lion’s share. It was thought that Europe would possibly play a much bigger part by this time, but’ the return of confidence has been slow owing to the rather flat situation created by the domestic hide market, which for the most part has not yet gained ground at all. Nevertheless, it can be taken for granted that if North and South America continue to peg up prices day by day the European domestic hide market will soon become more settled and jtrobably firmer. It is stated that in no country is there any large supply of hides on hand, so this must be taken as a bull point for the future of the hide market as a whole. There has not been much change in the interna’/onal political situation so as to give rise to any further uusettlement. The new clearing arrangements with Germany have not comineneed to function.

Trading reports from U.S.A, are given, and it is thought that hide values will be a firm feature during the coming year.

The closing prices for the months March and June on the New York_ "futures” exchange were yesterday 11.67 cents and 12 ■cents. This is a rise of about 15 points on the week —the last figures given were 11.53 cents and 11.56 cents respectively. Some progress has been made in "actuals”; heavy native steers remain linn at 15 cents, but light native cows are half a eent. higher, now quoted at 11 cents. English hides were for the most part steady at our North of England auctions, one or two selections, chiefly cows, being l-Bd. lower. The slightly firmer tone in the River Plate will probably influence all European domestic hides toward better prices within tne next few days. .Some miscellaneous and colonial business is reported, but there is not very much change in values. New Zealand freezer cow hides have been sold at 5 3-Bd., with abattoirs 1 7-Bd. Capes have been rather freely offered at 6Jd. to 7d. for sun-dried firsts and 6sd. to 6 5-Sd. for dry salted. The latter. however, have been much more easily saleable than the former. Australian shippers are firm in their asking prices, probably due to a good local demand. The leather situation is naturally quite steady; tanners are not showing any anxiety regarding the future, as they seem convinced that a better market is on the way. Quite possibly tlie trailing may have a tendency to slow down owing to seasonal difficulties.

Foster Clark, Ltd.

Foster Clark. Ltd., foodstuffs manufacturers, of Maidstone, England, who directly control Foster Clark (Australia), Ltd., report for the twelve months ended September 30, 1935. net profit of £96,380, comparing with £83,078 in 1933-34. Dividend on the 74 per cent, preference shares takes £7500. Holders of ordinary shares again receive 20 per cent, dividend, which absorbs £70,000. The profits included for 1934-35. £lO.OOO from advertising fund, and for 1933-31, £20,404 from investments, and £lO.OOO profit from sales of investments. Paid-up capital is £450.000, and the board states that during 1934-35 increased profit was made by Foster Clark (Australia), Ltd.